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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment information | SEGMENT INFORMATION We provide three distinct services and operate in the following three reportable segments: “FLNG”, “Corporate and other” and “Shipping” and our key performance indicator is Adjusted EBITDA. A reconciliation of net income to Adjusted EBITDA for the nine months ended September 30, 2024 and 2023 is as follows:
(in thousands of $) | 2024 | 2023
Net income | 65,756 |  | 28,221 |
Income taxes | 486 |  | 1,538 |
Income before income taxes | 66,242 |  | 29,759 |
Depreciation and amortization | 39,884 |  | 37,500 |
Impairment of long-lived assets | — |  | 5,021 |
Unrealized loss on oil and gas derivative instruments (note 7) | 87,593 |  | 157,749 |
Realized and unrealized mark-to-market losses on investment in listed equity securities (note 8) | — |  | 62,308 |
Other non-operating income, net (note 8) | — |  | (9,823) |
Interest income | (27,484) |  | (34,827) |
Interest expense | — |  | 1,107 |
Loss/(gain) on derivative instruments, net (note 9) | 8,646 |  | (9,315) |
Other financial items, net (note 9) | 3,164 |  | 1,057 |
Net losses from equity method investments (note 15) | 3,287 |  | 1,279 |
Net income from discontinued operations | — |  | (293) |
Adjusted EBITDA | 181,332 |  | 241,522 |
Our three distinct reportable segments are as follows: •FLNG – This segment includes the operations of our FLNG vessels or projects. We convert LNG carriers into FLNG vessels or build new FLNG vessels and subsequently contract them to third parties. We currently have one operational FLNG, the FLNG Hilli and one FLNG moored at the GTA field offshore Mauritania and Senegal, the FLNG Gimi, undergoing commissioning activities. We recently entered into an EPC agreement for our third FLNG vessel, the MKII FLNG (note 14). •Corporate and other – This segment includes our vessel management, floating storage and regasification unit (“FSRU”) services for third parties, administrative services to affiliates and third parties, our corporate overhead costs and other strategic investments. •Shipping – This segment includes the transportation operations of our LNG carriers.
| Nine months ended September 30, 2024
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 168,563 |  | 17,042 |  | 8,850 |  | 194,455 |
Vessel operating expenses | (62,496) |  | (17,596) |  | (8,767) |  | (88,859) |
Voyage, charterhire and commission expenses, net | — |  | (33) |  | (4,336) |  | (4,369) |
Administrative expenses | (1,005) |  | (18,970) |  | (25) |  | (20,000) |
Project development expenses | (3,634) |  | (3,846) |  | (1) |  | (7,481) |
Realized gain on oil and gas derivative instruments, net (note 7) | 107,586 |  | — |  | — |  | 107,586 |
Adjusted EBITDA | 209,014 |  | (23,403) |  | (4,279) |  | 181,332 |
Net losses from equity method investments (note 15) | — |  | (3,287) |  | — |  | (3,287) |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
Balance Sheet: | September 30, 2024
(in thousands of $) | FLNG | Corporate and other | Shipping |  |  | Total assets
Total assets (1) | 3,325,919 |  | 875,052 |  | 132,003 |  |  |  | 4,332,974 |
Equity method investments (note 15) | — |  | 48,738 |  | — |  |  |  | 48,738 |
(1) In March 2024, we acquired the Fuji LNG, the donor vessel for Mark II FLNG for $77.5 million and consequently reclassified the deposit of $15.5 million from “Other non-current assets” (note 16) to “Vessels and equipment, net”. The Fuji LNG is currently presented under the Shipping segment as she is currently trading as an LNG carrier.
| Nine months ended September 30, 2023
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 172,985 |  | 29,576 |  | 16,189 |  | 218,750 |
Vessel operating expenses | (49,238) |  | (14,483) |  | (4,148) |  | (67,869) |
Voyage, charterhire and commission expenses, net | (450) |  | (19) |  | (681) |  | (1,150) |
Administrative expenses | (446) |  | (26,000) |  | (13) |  | (26,459) |
Project development (expenses)/income | (3,193) |  | (35,289) |  | 29 |  | (38,453) |
Realized gain on oil and gas derivative instruments, net (note 7) | 146,387 |  | — |  | — |  | 146,387 |
Other operating income (note 5) | 2,499 |  | 7,817 |  | — |  | 10,316 |
Adjusted EBITDA | 268,544 |  | (38,398) |  | 11,376 |  | 241,522 |
Net (loss)/income from equity method investments (note 15) | — |  | (3,593) |  | 2,314 |  | (1,279) |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
Balance Sheet: | December 31, 2023
(in thousands of $) | FLNG | Corporate and other | Shipping |  |  | Total assets
Total assets | 3,160,457 |  | 866,088 |  | 57,442 |  |  |  | 4,083,987 |
Equity method investments (note 15) | — |  | 53,982 |  | — |  |  |  | 53,982 |

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- Definition The entire disclosure for reporting segments including data and tables. 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